Argenx price target raised to $601 from $478 at Stifel

Stifel analyst Alex Thompson raised the firm’s price target on Argenx to $601 from $478 and keeps a Buy rating on the shares. Based on the positive topline results of the ADHERE study, the firm has increased its view of the probability of approval in CIDP to 95% from 75% while also incrementally increasing its view on the odds of success in ITP and pemphigus indications. The firm has also incorporated subcutaneous pricing into consideration and increased the net-price in CIDP patients to be greater than MG due to more-frequent dosing, which raises its CIDP global gross revenue estimate to $3B. Meanwhile, the firm notes that it ascribes “no explicit credit” to ARGX-117 or ARGX-119, which “could be conservative.”